With price swings already locked near record lows for weeks, traders have pushed short bets on the CBOE Volatility Index, or VIX — widely known as the S&P 500 fear gauge — to a new high.

It marks the fourth such record in just 11 weeks for hedge funds and large speculators, which have made a serious habit out of betting against the VIX, according to data compiled by the US Commodity Futures Trading Commission.